About the Close G/L Period Feature
The Close G/L Period feature lets you complete or close a business period. Once this is done, you cannot release a batch to the closed period. However, you can reopen the period and post to that period or any period afterward.
With this feature, you can post as far back as period one of the prior fiscal year, if that period is open and comes after the closed period. Since you now have the flexibility to go back to any period in the last year, you can close out your year on December 31. However, you cannot post back two or more prior years.
When printing a G/L Batch using the (W) [A] Print G/L Batch function, if any postings for a closed fiscal period are in a batch, that batch doesn’t release. Once a period is closed, entries can be made to the batch for closed periods, however they cannot be released unless that period is reopened. If there are mistakes, the adjustments must be made and released with that period reopened.
Note: We recommend that you do not have more than one period with the same number open at the same time even if they are in different years. For example, it is recommended that you do not have period 01 open for 2007 at the same time you have period 01 for 2008 open.
You can also add new chart of account records to the journalized CHARTFILE for the prior fiscal year. Many times, your accountant might give you new G/L account numbers to put in the prior year after the end of a fiscal year.
This new feature applies to G/L posting, A/P posting, voiding checks, the (W) [A] Print G/L Batch function, the (W) [E] Build Cost of Goods Sold Batch function, the (W) [F] Print Allocation Batches function, and using the (QR) [D] Print Checks function. When posting to a closed period, a warning message appears when performing any of these functions.
Remember: month-end procedure files do not close the period. You must manually close the period.
You can set passwords for this new feature in the General Ledger Close Period Passwords Parameters.
Note: Text-based Accounts Payable and General Ledger work as before.
Warning: After installing version 8.13, there is a change in your General Ledger flow. All of your last year’s business periods are open to posting. Prior to installing version 8.13, only periods 12 and 13 were open to posting. To resume the previous G/L flow, first set your passwords in the General Ledger Close Period Passwords Parameters boxes. Then, go to the new Close G/L Period dialog box and close period 11 of the last fiscal year. For further information, refer to the Installing Version 8 DDMS handout that you received with your software. This handout is also available on our website at www.ddms.com.